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Question about banking / financing.

by AngieChamb
8 replies
Ok I want to start my own online business, I have everything all planned out, but I have one problem. I do not have a bank account. Is it a must to have your own bank account? I know this sounds stupid but I have never had one lol. I do not work so I have no money coming in. Will I still be able to open a bank account? My husband works, but he don't have one either.
#banking #financing #question
  • Profile picture of the author josharmstrong1987
    Yeah if you want to get money from your online business you should have your own bank account. And it is not so hard to make it. Just contact the bank you prefered and thats it, they will help you with all your questions.
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    • Profile picture of the author AngieChamb
      So I can open one even if I do not have regular funds going to it yet? Also my plan would involve profit sharing, because I would host freelancers on my site, (no it's not a Fiverr clone) and a percentage of the profit would go to me. How would I do that? Would it be better to find a business partner? I need someone with web building and profit sharing skills anyways. I was thinking of doing a split profit deal with someone If I could find the right person in my niche.

      A lot of people would tell me to give up on my plan and start with something easier, but It is such a unique and brilliant plan and I just have good feeling about it.
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  • Profile picture of the author onSubie
    Yes you can open an account with no funds.

    Profit sharing can be done a number of ways. It would be easiest to split the profits before your share is deposited in your bank so you don't have to pay out the shares yourself. There are many platforms and tools that can do this for you.

    You seem to still be in the early stages so I would recommend doing a lot of research about how other similar business models are set up.

    Use Google to research profit sharing tools and services. Look to familiar services like PayPal and merchant accounts for their profit sharing/commission sharing options.

    Mahlon
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  • Profile picture of the author st0nec0ld
    Opening an account is not a problem but if you are new on this business might as well attend some seminars or training on how to start a business online. So you will have a proper knowledge about it.
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    • Profile picture of the author AngieChamb
      I plan on taking some kind of training course, but I can't find one for exactly what I need to learn. I have read several ebooks on things like affiliate marketing, getting traffic and email lists ect, but the getting traffic part is the only thing of relevance I learned from them. My plan is to unique to find in a book lol.
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  • Profile picture of the author Kate Smith
    There are even many online banks you can look at. Your business definitely sounds like it has potential, I wish you luck.

    Kate
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    • Profile picture of the author lee seik yi
      Dear AngieChamb,

      Are you going to sell products/services online? Am I right?
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  • Profile picture of the author Rbtmarshall
    You might want to wait until after you form the business to open the bank account.
    Assuming you're in the USA forming an llc. one you get the approval paperwork from the state
    , you'll then want to get your EIN from the federal govt (its free via a phone call). Use that EIN and paperwork from the state showing your llc is formed to open your new bank account.
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